CompenSafe: How is Commission Paid on Banked-Retail Loans and Brokered Loans

CompenSafe: How is Commission Paid on Banked-Retail Loans and Brokered Loans

Banked-Retail and Brokered loans with a "Completed" date in CompenSafe are paid on the following Friday of the loan completed date. Any referral fee and override to other employees are also due and payable. 

Here is how "Completed Date" is determined on each type of loan:

Banked-Retail Loans 

Banked-Retail loans are attached to the lender itself, where AFN is providing money to the borrower directly. When this loan is is funded in Encompass, it translates the status "Completed" to CompenSafe. Therefore, the funding date in Encompass is the completed date in CompenSafe.

Brokered Loans

Brokered loans are not funded by AFN. These loans are brokered out to other lenders to fund. For brokered loans to be "Completed" in CompenSafe, it has to meet these conditions: 
  1. The Broker Fee must be received at AFN Corporate by check or wire transfer/ACH.
  2. The loan is cleared by Branch Account Manager Department (BAM). 
    1. BAM communicates directly with loan processors to ensure all needed requirements and documents of a brokered loan are in place and uploaded in Encompass. Brokered loans have to be audited by BAM. Once cleared, BAM assign the audit clearance date in "Brokered UW Assistant Date" field in Encompass. This date triggers the "Completed" date in CompenSafe. 
    2. Without the audit clearance date from BAM, compensation will not calculate in CompenSafe. Therefore, when a brokered loan is known to be audited by BAM, all inquiries need to be sent to BAM@afncorp.com.